OpenSea has grown to become one of the leading markets for NFTs. It was the first to release such a platform in the past. It’s seen rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and other famous people have expressed their enthusiasm. As art becomes more digitized, NFT becomes more lucrative.
If you’re looking to invest with NFTs beginning with an established marketplace will give you the leverage you require. That’s why we made this review. OpenSea is always the leading NFT marketplace. But is it the right choice for you?
Before you go on this journey, we’d like to caution you. This review is quite lengthy. If you’d rather take a look at videos instead, take a look at the review of this channel. They’ll walk the user through OpenSea and its functions so you’re aware of everything before you dive into NFT trading.
For those who prefer reading, we’ll go over the basics before we look into its fees and the benefits it offers.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
What is OpenSea? OpenSea Or Nifty Gateway
OpenSea is a marketplace that deals in non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The available NFTs are not restricted to art, music games, or game products, as well as domain names.
It was established in the year the year 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectibles. It was also one of the first NFT marketplaces which is similar to cryptocurrency.
Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. The most appealing aspect of these is that they permit users to sell NFTs purchased or made elsewhere.
What is the process behind OpenSea function?
If you’ve ever been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar to that.
For OpenSea, all of the assets that are listed on the marketplace are held by the users, not the platform. Since they are a decentralized marketplace, they use intelligent contracts so that users can interact with potential buyers without putting at risk the security of their NFT ownership.
That means unless the transaction is complete your digital assets will never be removed from your account. In addition, you don’t have to create your account. All you require is to have a web3-enabled wallet.
For those who are buyers, you can utilize their website to look for NFTs you’d prefer to purchase. They also have filters available to simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What types of NFTs are available to purchase from OpenSea?
There are more than 200 varieties of NFTs available to purchase through OpenSea. Here are 8 categories where they typically fall into. Let’s take a closer review of each.
Music
Music could be among the most well-known NFTs of all time. It’s not limited to music only. You can also buy mixtapes, remixes of beats, remixes, or whatever an artist offers. Some even buy background noises like rain, indistinct chatters and other sound effects.
Collectibles
Before NFTs were popular, a few people were investing in collectibles such as baseball cards film props, and even the older technologies.
For NFTs, you can collect avatars, virtual pets or other characters that can be traded or collected. The more rare they are, the greater value they be. They also have variations like Nyan Cat and CryptoPunks.
Art
Art is always one of the most popular NFT prior to when NFT came to be. In the present, you can also do the same with digital artworks. It’s not limited to illustrations and digital paintings. Gifs can be collected as well, images, or even videos of short length.
Trading Cards
There is also the possibility of collecting digital trading cards such as those of Sorare and BCCG.
Sports
Sports-related digital items can also be collected like animated team logos.
Virtual Worlds
VR space and other elements can be purchased. You can purchase these metaverses, or other items like game elements and the VR environment virtual objects, characters, or even virtual lands. A popular illustration can be Axie Infinity.
Utility
As bizarre as it may sound there are also NFTs that have specific features. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites can now also be classified as NFT. You can buy blockchain-based names that aren’t subject to shut down by anyone. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the selling options?
Selling on OpenSea is easy. All you have to do is to list them in the marketplace. You only have to make sure your account is linked. After you’ve entered your bid and type of auction then you’re all set.
For the first time sellers, you will be subjected to a one-time fee for gas.
You can currently select from five options for selling. The choices are:
Fixed Price
The seller is the one who will be charged the cost that is the NFT. Just as the name suggests, it never changes.
Dutch Auction
For the Dutch Auction, the seller sets a price that will fall in time. Sellers typically set up very high prices. With time, the value will lower until it becomes equal to the buyer’s bidding. Furthermore, the buyer may also make an offer to the seller. The NFT is sold after they reach an agreement on the price.
English Auction
The seller will put up an NFT to sell and list the minimum price. This is different from that of the Dutch Auction, where the price drops as time passes. In the English Auction, buyers will make bids until the seller is able to sell the auction at the price of highest bidding.
OpenSea will automatically accept the payment if the auction ends above 1 Etherium.
NFT Creation
You can also create your own NFTs using the platform. You can then sell them in the marketplace.
Bundles
If you are looking to sell multiple NFTs within one transaction, you can use OpenSea’s bundle features. 30 items can be included within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It’s normal for crypto or NFT exchanges to charge fees to access the platform. The fee is charged can vary according to the platform, it’s generally an amount of the sales cost that the buyer pays. It’s similar to how regular art galleries generate income by getting a share of the artworks sold.
With OpenSea You will only be charged 2.5% when you purchase an NFT. There are no listing fees or other types of surcharges involved. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5 per cent cost competitive.
However, you must understand that some NFTs have higher transaction charges as compared to other. The fees can differ for each seller. Some artists can also have an additional sales commission apart from the imposed 2.5%.
In addition, trading on Etheruem is costly. Your NFT collection will be issued as a valid non-fungible token after your NFT bid has been accepted. The costs for the process will vary based on the market, but you can anticipate that it will be about $100 per NFT.
It is also important to be aware that some NFTs charge additional commissions. For example, game developers get up to 15% as commissions for the items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. This means that you can’t make use of PayPal, credit, or debit cards to pay for or deposit. OpenSea Or Nifty Gateway
The NFTs can be purchased or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they can support.
Blockchains Supported by OpenSea
- Klatyn
- Ethereum
- Polygon
Wallets Supported by OpenSea
- Portis
- Fortmatic/Magic
- MetaMask
- Arkane
- Coinbase
- WalletLink
- TrustWallet
- Dapper
- Torus
- Authereum
- OperaTouch
- Bitski
- WalletConnect
- Kaikas
What are the pros and cons?
Let’s examine the benefits and disadvantages when using OpenSea.
Pros
OpenSea has no centralization, which makes transactions safe and nearly impossible to be swindled. Additionally, it is possible to invest in NFTs even if you do not have prior experience or know-how in blockchain or coding. OpenSea Or Nifty Gateway
They also provide a variety of digital currency, which makes them one of the most popular NFT marketplaces. The platform’s low charges are also a good method to make more money.
Cons
Although it is decentralized and has one of the most diverse NFT selections, it still has limitations. OpenSea only accepts cryptocurrency as a payment. Having no fiat support the platform is unable to accept payments with currencies like USD or Euros.
It is also necessary to create your crypto wallet to either sell or buy from the platform.
Bottom Line
Just like cryptocurrencies, NFTs have been expanding over the past few years. It’s very creative and sounds unusual, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can cater to a broad range of NFTs. More categories can be involved as the industry becomes integrated with financial decentralization.
OpenSea’s ecosystem allows its users to make transactions without concern about privacy or security. In addition, it doesn’t cost you high fees. A 2.5% cost on your sales appears reasonableconsidering that some marketplaces may charge as much as 5 %.
All in all, OpenSea is an excellent marketplace both for NFT trading beginners or professionals.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ OpenSea Or Nifty Gateway
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser users can utilize. If you’re using it through your mobile phone, your browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be topped up for you to begin.
Does OpenSea have a support staff?
Yes they have a customer support team you can contact through their contact form. Just go to their website, and search on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you have be able to do is make an NFT and add it to the collection. When you’re ready to sell them, put them up for auction. This is gas-free and easy to do, however you should check out their tutorials.
What are gas fees?
These are transactions costs from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven through the marketplace, therefore they fluctuate from time to time.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea is a mobile as well as desktop browser that you can use. If you’re using it through your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be filled with money to start.
Does OpenSea have a support staff?
Yes they do have a support team you can contact through its contact forms. Just go to their official website and look at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can also mint at OpenSea. All you need make is to create an NFT and add the item to your collection. If you’re ready for selling them, list them for auction. It’s easy and gas-free but you could also check out their tutorials.
What are the costs for gas?
These are transactions charges that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. Prices are determined by the market, therefore they constantly change at regular intervals.
